The image recognition market is estimated to grow from USD 12.49 Billion in 2015 to USD 29.98 Billion by 2020. This market is expected to grow at an impressive Compound Annual Growth Rate (CAGR) of 19.1% because of the increasing need of image recognition technology and applications among consumer and enterprises for various purposes such as security, image search, and shopping. Also, other significant factors driving this market are increasing Return on Investment (ROI), and rising usage of smartphones for image search.

The digital image processing technology is expected to have the largest market share and dominate the image recognition market from 2015 to 2020, due to the increasing use of smartphones and tablets for purchasing and selling online products and services. The use of this digital image processing technology is helping enterprises in various industries to grow their business. Improved customer motivation helps in driving overall customer productivity, which increases the use of image recognition technologies.

Marketing and advertising is one such field in which image recognition is being implemented rigorously. It helps in developing a foolproof roadmap to maintain and uphold product and service brand name and image by various methods. Also, security and surveillance is another major field, which is making use of image recognition solutions. It is the fastest-growing application type among image recognition applications as it benefits organizations by providing security to confidential documents along with access and identity management. Image recognition software plays a vital role in the marketing field as these are demanded by organizations to expand their prospective client base. A significant part of marketing consists of product search and identification of suitable solutions for improving overall consumer experience. Smart image search techniques motivate consumers and ensure consumer loyalty that brands look out for to sustain in this cut-throat competition.

The image recognition technologies and components are being increasingly adopted in various verticals, such as media and entertainment, retail and consumer goods, and IT and telecom which have led to the growth of the market across the globe. The media and entertainment sector is expected to grow at the highest rate from 2015 to 2020.

North America is expected to hold the largest market share and dominate the image recognition market from 2015 to 2020. The higher adoption rate is expected to streamline business operations in North America. Asia-Pacific offers potential growth opportunities, as there is a rise in data analytics and cloud technologies adoption among small and medium enterprise and enterprises to enhance employee security and consumer retention.

However, the lack of awareness regarding the advantages of image recognition restricts the market growth. Also, the market needs a common framework or platform on which all services and devices can interoperate and scale, and be efficient and widely available across diverse spectrum of industries. The major vendors in the image recognition market include Catchoom, LTU Technologies, Google, Inc, NEC Corporation, Qualcomm Technologies, Wikitude Gmbh, Honeywell, Hitachi, SLYCE, and Attrasoft. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansion to cater to the needs of the market.